Your employees are your best assets, and protecting them and their families provides long-term benefits to your company. Lyman & Sheets has expertise in evaluating and designing new programs to assure your company’s financial health and the well-being of your employees.

Group Disability
A disability is a physical or mental impairment that makes a person incapable of performing one or more duties of his or her occupation. Group-disability insurance provides for the payment of regular, periodic income should the insured become disabled due to an illness or injury. Disability benefits generally represent a percentage of the disabled worker’s income. Often, this figure is 60 percent of an employee’s gross wages. Group-disability coverage can be purchased as a short-term plan, which pays benefits for as little as two weeks up to two years. Long-term disability plans usually pay benefits for up to five years or until age 65. Employer-sponsored/Contribution Businesses willing to contribute premium dollars toward their employee’s disability coverage help eliminate adverse selection for insurance carriers. Generally, employer contribution levels help determine the underwriting guidelines and benefit levels available to your group. Group size also dictates how pre-existing conditions will be covered under the group plan.

Group size will determine underwriting requirements and benefits available.

Under 10 employees
10 – 50 employees
50+ employees

Voluntary/Payroll Deduction A worker’s chance of becoming disabled is two to three and one-half times greater than dying. One in three working Americans will be disabled for 90 days or more before age 65, according to the Society of Actuaries. Employers must provide workers’ compensation insurance, but nearly 60 percent of injuries happen off the job. Disability insurance can be offered to employees at no cost to the business. Employees can have the premium for the benefit deducted directly from their paychecks so there is uninterrupted protection without the worry of a lapse in coverage for missed premiums .

Employer-sponsored or Contributory Programs Businesses willing to contribute premium dollars toward their employee’s life insurance coverage help eliminate adverse selection for insurance carriers. Generally, employer contribution levels help determine the underwriting guidelines and benefit levels available to your group.